Credit unions are not-for-profit financial cooperatives, helping members pool their financial resources to save and borrow at competitive rates. Members are united by a common bond, or "field of membership," and govern the credit union democratically under state or federal regulation.

In Michigan, there were 516 credit unions in 1996 serving nearly 4 million members. During 1996, these institutions made just over $10 billion in loans to their members.

Not for Profit. Banks are for-profit institutions who work for the profit of their shareholders. Credit Unions on the other hand are by regulation, not-for-profit. Monies made from loans and fees are used to offset operational expenses and to maintain high savings rates and low loan rates.

Service First. With the personal nature of a common bond, credit unions pride themselves on personal, professional service. National surveys of credit union, bank and savings institution customers have repeatedly shown that credit unions members are the most satisfied with the service they receive.

Volunteerism Still Lives. The credit union movement was founded on the dedication of thousands of volunteers who believed that credit unions provided a wise alternative to typical banking practices. To this day, thousands of people volunteer their time to serve as Board and Committee Members and particularly in Michigan, which ranks fifth in the U.S. in total credit union assets and seventh in total credit unions.